Chapter 5, Problem 25P

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Alesha, Inc., has current assets of $7,300, net fixed assets of $28,200, current liabilities of $6,500 and long term debt of $15,300.

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Premier Utilities Group Company's revenue for April is $92,000, but only $22,000 cash is collected. Expenses for April are $53,000, of which $37,000 is paid in cash. During April, additional capital stock is issued in exchange for $8,000 cash. Using the accrual basis of accounting, what would Premier Utilities Group Company's income statement for April report?

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